The case involves a Company Petition filed by Pradeep Mahajan & 26 Others, operational creditors, against Phadnis Infrastructure Limited, the corporate debtor, under Section 9 of the IBC code, 2016. The operational creditors sought to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, appoint an Interim Resolution Professional (IRP) and a Resolution Professional, and recover costs. The corporate debtor allegedly defaulted on payments of salaries and other emoluments since 2013, leading to outstanding dues of Rs.1,36,08,595.33. The operational creditors issued legal notices to the corporate debtor, which were not replied to or complied with.
Pradeep Mahajan and 26 others, acting as operational creditors through their Power of Attorney holder Pradeep Mahajan, filed a Company Petition against Phadnis Infrastructure Limited, the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor allegedly defaulted on payments of salaries and other emoluments to the operational creditors since 2013, resulting in outstanding dues of Rs. 1,36,08,595.33. This amount includes unpaid salaries, remuneration, TDS, and EPF contributions. The operational creditors issued a legal notice dated 14-11-2016 under Sections 271(a), (g), and 272 of the Companies Act, 2013, and another notice under section 8(1) r/w Rule 5 of the Insolvency and Bankruptcy Code, 2016, neither of which were
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Corporate Debtor started defaulting in payment…
Operational Creditors issued a legal notice…
The case involves a Company Petition filed by Pradeep Mahajan & 26 Others, operational creditors, against Phadnis Infrastructure Limited, the corporate debtor, under Section 9 of the IBC code, 2016. The operational creditors sought to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, appoint an Interim Resolution Professional (IRP) and a Resolution Professional, and recover costs. The corporate debtor allegedly defaulted on payments of salaries and other emoluments since 2013, leading to outstanding dues of Rs.1,36,08,595.33. The operational creditors issued legal notices to the corporate debtor, which were not replied to or complied with.
Pradeep Mahajan and 26 others, acting as operational creditors through their Power of Attorney holder Pradeep Mahajan, filed a Company Petition against Phadnis Infrastructure Limited, the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor allegedly defaulted on payments of salaries and other emoluments to the operational creditors since 2013, resulting in outstanding dues of Rs. 1,36,08,595.33. This amount includes unpaid salaries, remuneration, TDS, and EPF contributions. The operational creditors issued a legal notice dated 14-11-2016 under Sections 271(a), (g), and 272 of the Companies Act, 2013, and another notice under section 8(1) r/w Rule 5 of the Insolvency and Bankruptcy Code, 2016, neither of which were
…Corporate Debtor started defaulting in payment…
Operational Creditors issued a legal notice…